The carbonatites in the southern margin of the North China Craton are distinguishable by containing abundant quartz and are closely spatially associated with Mo-(REE) deposits. Unveiling the nature of ore-forming fluids is key to understand the genesis of these Mo-(REE) deposits and to explore their potential genetic relationships with the quartz-rich carbonatites, but such issues were currently not convincingly addressed. Here, we provide detailed petrographic, microthermometric and LA-ICP-MS analyses of the fluid inclusions hosted in the primary quartz from the carbonatites in the Huangshuian Mo-(REE) deposit which is the largest Mo-(REE) one in the region, containing 0.4 million tons of Mo metal with REEs as the major by-product. Our results show that the fluid inclusions in the quartz of the carbonatites are two- and three-phase CO2-bearing types with high homogenization temperatures (average at 396 degrees C) and low salinities (average at 3.88 wt% NaCl equiv). The LA-ICPMS analyses of these inclusions reveal that the primary fluids contain high concentrations of La, Ce, Pr, Nd, Sr, and Ba, similar to typical carbonatite-related fluids. In addition, they are characterized by high Y, Cu, Pb, and Zn. Such a metal association is broadly consistent with the mineral assemblages of the Huangshuian Mo-(REE) deposit, such as the widespread barite, bastnasite, xenotime, chalcopyrite, galena, and sphalerite, strongly supporting the close genetic relation of the deposit with the quartz-rich carbonatites. Although the concentrations of Mo are extremely low in these inclusions (below the detect limit), it was constrained to be gradually enriched in evolved fluids. Considering that the recorded fluids in quartz represent earliest generation of fluids exsolved from carbonatite magmas, our new results highlight that quantifying metal budgets of fluid inclusions could be a robust way to evaluate fertility of carbonatites that are widespread in the southern margin of the North China Craton.(C)2021 Elsevier B.V. All rights reserved.